Capital Losses from vested RSU sales not calculated properly by TurboTax?

[dasmodul]

 Entered relatively simple capital gains losses from stock sales this year of $11,000+ ( in loss) and TurboTax only brings down my amount of Federal taxes due by $900. I understand the rule is you can only deduct $3000 per year of capital losses and the rest is automatically pushed to carry-over to next year. I've tried both long-term uncovered/short-term uncovered as options for the sales and it makes no difference. What am I doing wrong? 

All other taxes complete and last info added is the Investment losses:

- BEFORE adding loss:  Federal Due: $17,418   State Refund: $8074

- AFTER adding $11k investment net loss: Federal Due: $16,669   State Refund: $8,353

Where is the rest of the $3000 max? Please help if you know.

[GeorgeM777]

Perhaps nothing is wrong.  The $3,000 loss that you can take against ordinary income reducing your ordinary income by that amount; however, the tax effect will probably be less than $3,000.  Essentially what is happening is that the $3,000 loss against ordinary income just reduces the amount of ordinary income subject to tax, it does not reduce your tax by $3,000.  

The $3,000 capital loss should be on line 7 of Form 1040.  If you are using TurboTax CD/download, you can switch to Forms mode (select Forms in the upper right of your screen) and in the left margin you can review your Form 1040 to make sure your capital loss is on Line 7.  If you are using TurboTax online, follow these steps to review your Form 1040:

1. Open or continue your return.
2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
3. With the Tax Tools menu open;
4. Select Tools.
5. Next, select View Tax Summary in the pop-up.
6. Then Preview my 1040 in the left menu.
7. To get back to the step-by-step instructions, just click Back in the left margin.

@dasmodul

[dasmodul]

Thanks George. 

I think you may be right unfortunately for me. I did confirm the loss is on Line 7 as -$3000 and it does look like all it's doing is reducing total taxable income by $3000, which apparently doesn't actually reduce taxes by the same in a 1 to 1 ration. **bleep**, really thought at least this part of the bad luck i've had this year would help on taxes but looks like not by much 😕

- D